Commodity Daily News

Crude Hits 2 1/2 Year High Amid Mid East Unrest

Violence in Libya, coupled with the aftermath of the devastating earthquake in Japan, continue to elevate the price of crude oil. On Thursday, the commodity hit a 2 1/2 year high, peaking at $107.62 a barrel before staging a very slight downward correction. Currently oil is trading at $106.85.

Analysts are warning that the price of oil is unlikely to come down in the near future, and may even continue to rise. As for today, heavy fluctuations are anticipated following the release of this month's US Non-Farm Payrolls. The employment figure is considered one of the most important economic indicators on the forex calendar, and consistently generates heavy volatility. Today's figure is expected to come in at 191K, slightly less than last month. If true, it would signal further growth in the US employment sector which could result in further bullishness for oil.